Auburn’s Mayor, City Council and Downtown Development Authority voted recently to approve $12.5 million in URA Bonds to be issued to finance the acquisition, construction, and installation of the new city hall complex. These funds may also be used for roads, paving, parking, landscaping, and storm water related facilities. The term is 30 years, at an interest rate of 2.7%. The Superior Court of Barrow County signed the validation order Aug. 31.
Auburn’s Downtown Development Authority is now also the Auburn Urban Redevelopment Agency (URA). This legal designation allows for the redevelopment of downtown properties with favorable financing terms, such as the URA Bonds.
Repayment of the bonds will come in over time from SPLOST proceeds dedicated to this project. SPLOST funding was also used to purchase the land for this project in 2010.
The new city hall will be a 33,000-square-foot replica of the Perry-Rainey Institute, a building that housed students from 1902 through the 1940′s. Groundbreaking for this project is set for Oct. 14.
Information: www.cityofauburn-ga.org.